US Machine Tools Market 2024–2033

Reports Description

US Machine Tools Market was valued at USD 15.8 Billion in 2024 and is expected to reach USD 20.8 Billion by 2033, at a CAGR of 4.1% during the forecast period 2024 – 2033.

Machine tools are instruments that shape, cut, grind, or mould metal or other materials into certain forms or sizes. These technologies enable precise engineering, mass production, and part and component customisation, resulting in increased efficiency, productivity, and innovation in the manufacturing process.

US Machine Tools Market: Growth Factors

Escalating demand for fabricated metals

The rising demand for manufactured metals is a key driver of the US machine tool industry. Fabricated metals are vital components in a variety of sectors, including automotive, aerospace, construction, and manufacturing.

As companies grow and develop, precise machining and fabrication processes become increasingly important in meeting strict quality and efficiency criteria. Machine tools are useful for shaping and molding raw materials into complicated metal components with great precision and accuracy.

Modern machine tools, thanks to technological and automation improvements, have expanded capabilities such as multi-axis machining, high-speed cutting, and integrated sensors for real-time monitoring. This ideally correlates with the industry’s rising expectations for shorter production cycles, higher product quality, and more cost-effective manufacturing solutions.

Furthermore, the trend towards reshoring and local production drives higher demand for machine tools in the United States, as businesses want to decrease supply chain risks and improve operational agility.

As a result, the rising demand for fabricated metals acts as a driver for investments in sophisticated machine tools, boosting development and innovation in the US machine tool market while also supporting competitiveness and sustainability across sectors.

Demand for precision engineering in the aerospace sector

The growing need for precision engineering in the aerospace industry is a major driver of growth in the US machine tool market. As aircraft technologies improve, there is an increasing demand for components and parts with tight tolerances and quality requirements.

Precision machining is essential for manufacturing complex aerospace components such as turbine blades, engine parts, and aircraft frames. These components must be precisely shaped, cut, and finished to provide maximum performance, dependability, and safety.

To satisfy these standards, aerospace manufacturers rely largely on modern machine tools capable of high accuracies, such as computer numerical control (CNC) machining centers, laser cutting machines, and multi-axis milling machines.

The aerospace industry’s continued expenditures in cutting-edge machining technology to improve productivity, efficiency, and accuracy in aerospace component manufacturing are driving the US machine tools market.

This symbiotic link between precision engineering requirements in aerospace and developments in machine tools promotes innovation and growth in the US machine tool industry, establishing it as a critical participant in meeting the aerospace sector’s changing needs.

US Machine Tools Market: Restraints

High operating cost

High operating expenses can have a substantial impact on the US machine tool industry by establishing entry barriers for firms and reducing their worldwide. These expenses include labour, energy, raw materials, and regulatory compliance.

Labour expenses in the United States are often greater than in many other nations, owing mostly to higher worker pay and benefits. Furthermore, energy expenses, particularly electricity, can be significant, affecting the whole cost of manufacturing machine tools.

Raw material costs, such as steel and aluminium, can fluctuate and are market-dependent, contributing to operating costs. Furthermore, strict regulatory requirements, such as environmental rules and safety standards, drive up compliance costs for manufacturers.

These high operating costs may result in higher pricing for domestically made machine tools, diminishing versus imported equipment and thus restricting market expansion. Furthermore, they may hinder investment in innovation and modernization, limiting the sector’s capacity to embrace innovative technology and sustain advantage in the global economy.

US Machine Tools Market: Opportunities

Integration of AI and IoT

The combination of Artificial Intelligence (AI) and Internet of Things (IoT) technologies is transforming the US machine tool industry by increasing efficiency, productivity, and predictive maintenance capabilities.

AI algorithms can analyse massive volumes of data generated from IoT-connected machine tools in real-time, allowing for predictive maintenance regimens that save downtime and avoid costly breakdowns.

Furthermore, AI-powered analytics optimize machine tool operations by detecting trends and anomalies, which improves manufacturing processes and product quality.

IoT sensors built-in machine tools collect data on performance, temperature, and use, which AI systems use to optimize tool settings and detect possible problems. This collaboration between AI and IoT not only improves operational efficiency but also allows for smart decision-making and resource allocation, fostering innovation in the US machine tool industry.

As manufacturers increasingly use AI and IoT technologies to simplify operations and improve results, the industry is positioned for long-term development and improvement. Researchers at the Karlsruhe Institute of Technology (KIT) created a method for completely automated monitoring of ball screw drives in machine tools.

A camera incorporated directly into the drive’s nut produces pictures that an artificial intelligence continually examines for symptoms of wear, hence reducing machine downtime.

US Machine Tools Market: Segmentation Analysis

US Machine Tools market is segmented by type,  end user and region.  Based on type, the market is classified into metalworking machines, parts and accessories, installation, repair and maintenance. Metalworking Machines dominated the market in 2023 with a market share of 51.2% and is expected to keep its dominance during the forecast period 2024-2033.

Metalworking machines are critical to moving the US machine tool market ahead because of their important function in shaping, cutting, and manufacturing metal components across a wide range of sectors. This equipment, which includes lathes, milling machines, drilling machines, and grinding machines, is used in a wide range of industrial operations, including automotive and aerospace, electronics, and construction.

Several reasons contribute to the need for metalworking equipment, including technical improvements, the necessity for precision engineering, and the desire to boost efficiency and production. Metalworking processes have been revolutionised by technological advances such as computer numerical control (CNC) systems and additive manufacturing technologies, which provide more accuracy, customisation, and automation.

Furthermore, the growing automobile industry, with its relentless pursuit of lightweight materials and complicated geometries, drives demand for modern metalworking equipment capable of handling a wide range of materials such as aluminium, titanium, and composites.

Furthermore, the aerospace industry’s strict quality requirements and the expanding use of new materials fuel the demand for high-precision metalworking equipment capable of creating complicated components with tight tolerances.

Moreover, the construction industry’s emphasis on infrastructure expansion, along with the rising use of automated building processes, drives increased demand for metalworking equipment for manufacturing structural components and architectural aspects. In general, metalworking machines are the foundation of the US machine tool industry, promoting innovation, efficiency, and competitiveness across a wide range of sectors.

Based on end user, the market is classified into Automotive, Fabrication, and Industrial Machinery Manufacturing, Marine and Aerospace & Defense, Precision Engineering, and others. Automotive dominated the market in 2023 with a market share of 52.8% and is expected to keep its dominance during the forecast period 2024-2033.

The automobile sector is a major driver of the US machine tool market, with its need for precision machining and manufacturing technologies influencing the landscape of machine tool usage and innovation. As the automobile industry advances to satisfy customer demands for economy, safety, and sustainability, machine tools have become essential in the manufacture of automotive components and parts.

Advanced machining technologies like as CNC (Computer Numerical Control) machining, laser cutting, and additive manufacturing are widely used to manufacture engine components, chassis, gearbox systems, and body panels, among others.

The automobile industry’s demanding quality requirements and tight tolerances need the use of cutting-edge machine tools with high accuracy, speed, and dependability.

Moreover, as the automotive industry embraces trends like electric vehicles (EVs) and lightweight materials like aluminium and composite alloys to improve fuel efficiency and reduce emissions, machine tool manufacturers are forced to innovate and adapt, resulting in increased investments in research and development (R&D) for more specialised machining solutions.

As a result, the symbiotic link between the automobile sector and the machine tool market promotes technical improvement, competitiveness, and growth, propelling the United States to the worldwide forefront of automotive production and machining innovation.

Report Scope

US Machine Tools Market: Recent Developments

• In April 2024, Lincoln Electric Holdings, Inc. acquired RedViking, a privately held automation system integrator based in Plymouth, Michigan, US RedViking develops and integrates cutting-edge autonomous guided vehicles (AGVs) and mobile robots, as well as specialised assembly and dynamic test systems and proprietary manufacturing execution system (MES) software.

• In July 2022, Peterson Tool Company, Inc. bought Sandvik. The plant will be known as Walter’s GWS Tool Division, and it will be part of the Sandvik Manufacturing and Machining Solutions business unit.

• In March 2023, TRUMPF Inc. broadened its local manufacture and sheet metal assembly of fabricating machine tools in Farmington, Connecticut. The North American division of the high-tech TRUMPF Group will expand 55,800 square feet to its industrial plant to produce lasers.

List of the prominent players in the US Machine Tools Market:

• TRUMPF Inc.
• Haas Automation Inc.
• Amada Co. Ltd
• Lincoln Electric Holdings Inc.
• Multipress Inc.
• MITUSA Inc.
• MC Machinery Systems Inc.
• Mate Precision Tooling Inc.
• Bystronic Inc.
• Laser Mechanisms Inc.
• Koike Aronson Inc.
• FENN Metal Forming Machinery Solutions
• Cincinnati Inc.
• Toyoda Americas Corporation
• Mitsubishi Electric Corporation
• Amada Machine Tools America Inc.
• Kitamura Machinery of USA Inc.
• Hwacheon Machinery America Inc.
• Nakamura-Tome Precision Industry Co. Ltd.
• Absolute Machine Tools Inc.
• Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The US Machine Tools Market is segmented as follows:

By Metal Cutting

• Machining Centers
• Turning Machines
• Grinding Machines
• Milling Machines
• Eroding machines
• Others

By Metal Forming

• Bending Machines
• Presses
• Punching Machines
• Others

By Technology Outlook

• Computer Numerical Control (CNC)
• Conventional

By End-use Outlook

• Automotive
• Mechanical Engineering
• Metal Working
• Aerospace
• Electrical Industry
• Others